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Reach Subsea
Reach Subsea (REACH) investor relations material
Reach Subsea Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 financial results declined year-over-year due to lower vessel and asset utilization, delayed client decisions, weaker project mix, adverse currency effects, and higher depreciation and impairment charges.
Despite financial headwinds, operational cash flow and liquidity remained strong, with a solid cash position and balance sheet.
Major milestones were achieved in the Reach Remote program, including commercial deployments, successful campaigns, and the launch and certification of remote operations centers in Norway and Australia.
The company is scaling its remote fleet, with additional vessels planned for 2026 and 2027, and is preparing for broader market adoption and long-term growth.
The order backlog stands at NOK 1.2 billion, with a tender volume of NOK 10 billion, indicating robust future demand.
Financial highlights
Q4 2025 revenue was NOK 606 million (NOK 603.7 million in one report), down from NOK 685 million (NOK 684.8 million) in Q4 2024.
EBIT for Q4 2025 was NOK -60.5 million, compared to NOK 79.9 million in Q4 2024; EBITDA was NOK 228.3 million (margin 37.7%).
Profit after tax/net profit for Q4 2025 was NOK -57.5 million, down from NOK 21.8 million in Q4 2024.
Cash and cash equivalents at quarter-end were NOK 514 million (NOK 514.2 million in one report); equity ratio stood at 33.8%.
Operational cash flow remained strong, and a new NOK 735 million loan facility was secured in December 2025; NOK 500 million bond issued in July 2025.
Outlook and guidance
The outlook remains positive with a NOK 1.2 billion order backlog and NOK 10 billion in tender volume, and rising tender activity including USV-specific tenders.
Fleet capacity for manned vessels will remain unchanged in 2026, with options extended for key assets.
Remote fleet expansion is on track, with Reach Remote 3 and 4 expected to join in mid-2027 and certification timelines improving.
Management expects normalization in 2026 as campaign ramp-up and remote unit economics improve.
A dividend of NOK 0.17 per share will be proposed, consistent with the dividend policy.
Explain 4Q EBIT decline beyond utilization
Detail Reach Remote scale-up acceleration plans
Quantify impairment risk from revenue drop
Reach Remote's path to sustained profitability
Strategy for new Reach Remote market segments
Manned fleet utilization strategy for 2026
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Next Reach Subsea earnings date
Q1 20265 May, 2026
Reach Subsea
Next Reach Subsea earnings date
Q1 20265 May, 2026
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Frequently asked questions
Reach Subsea is an ultra-modern subsea company with a large fleet of dive support and inspection, repair, and maintenance service vessels for the offshore oil & gas and renewables industries. In addition to the diving services, Reach Subsea also offers rental of tooling and equipment to third parties. Furthermore, the Company provides technical and commercial management for projects, which includes engineering and project management, ROV and survey services, and light construction. Reach Subsea ASA serves oil & gas industry.
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